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people and some of the authorities thought they could interpret the law to suit their own purposes. that is why the officials signed the documents. it was not until a few years later that they were audited to see if they had violated their own laws. >> with the director is not mentioning is corruption. officials back then issued permits to relatives and friends and just helped themselves. a former mayor approved these houses and had his own construction company build them. officially, the job was noted down as renovating old fisherman's hut that once stood here. >> i do not envy the homeowners. they are innocent and bought the properties in good faith as the third or fourh owners. now they have got to cope with the ruling of the cour their houses will be torn down. >> the enterprising mayor has long since died and cannot be brought to justice. the other corrupt officials are no longer in office. when a legal structure has already been torn down -- a wealthy latvian build a grand new summer residence for himself on an existing foundation right next door to the former summer home of
the budget deficit to 3% next year and signing into law the fiscal compound which would prevent france balancing its budget over the medium term. the concern with france at this point is closing the budget gap by raising taxes and to address issues about competitiveness and getting more people to employment in france they have to reduce taxes and labor taxes which are among our highest in the world and it would see how they are going to do that without public spending and that is something that has been reluctant to do. they have some time to turn that around. liz: lowering taxes improve the picture is what i am hearing you say. thank you for joining us. david riley of sovereign rating saying the triple the-credit rating for spain will remain the same even if they ask for a bailout plan. we are 16 minutes from the closing bell. walmart, target, bed bath and beyond. the want to get a read on their health? head to cleveland where real-estate investment trust td are which focuses on value oriented shopping malls coming up. we are talking to corp.'s ceo, daniel her when on whether the comm
in a nutshell was allowing the banks to abuse certain laws in order to put in the books some interesting income actually as dividends. so they were paying less taxes. this is again manipulating somehow the laws. now the bank unicredit has actually plea bargained and has paid 265 million euros. the fraud was for 245 million is what these defendants are being accused of. and the bank did it not because they admit to wrongdoing, but because they did say that was just going to be a very long and drawn out case that they didn't want to have to deal with. on so now these defendants, 19 plus profumo. he says there was no wrongdoing and he's waiting with confidence that the justice system takes its course. note just in a few days, he is expected to take on more responsibilities at his new job which is chairman at italy's oldest and most troubled bank. he will expand his duties so he's being closely watched right now. back to you. >> all right. that's the late he is out of the trial in milan. we'll take a short break. still to come, american golfers feeling a little blue after the european stage an amaz
. the current law doesn't do very much explicitly about health care costs. eventually somebody will have to reduce the volume of services or reduce the price of services. >> so what are you telling investors, buy hospital stocks, don't buy hospital stocks, by the good ones? how do the insurance companies fair? >> insurance companies win almost no matter what happens. so that's fine. >> there's medicaid advantage. >> right, medicaid, medicare. >> is there a head k medicaid advantage? >> medicaid hmos lose it if obamacare gets repealed because they're going to expand medicaid, as well. >> expand it greatly. and it's not block grants. a federal expansion. so what's your favorite stocks? >> my favorite stocks are the ones that are not that impacted by federal policy. united health, intuitive surgical. genetic analysis companies do well. but not completely unrelated to reform. and you can always go outside the u.s., too, if you want. so i guess you're not moving to france if about obama wins. >> alec baldwin didn't move, i'm not moving. we say things when we're upset and then we don't really
of the world. because people want to believe. people want to believe in the rule of law for business. there was a great hope in many of the same 200 business people would say something and he didn't. and people want to hear something that there are changes of a foot. >> which brings us back to that point and whether we'll get anything more this afternoon. >> well, jim is absolutely right. trading at almost 50% it is count to a country like brazil. there is substantial it is count that is the intrinic rush of russia. one of the steps that the government is taking is to really be more open, more transparent. this event with direct access to the heads of the government and there are also several key ministers joining us. it's a way to try to convince capital that of course there are some concerns, but there is also great opportunity for business in russia. conditions and valuations are extremely attractive compared to other bric countries. >> ricardo, thanks for that. jim, thank you, as well. >> thanks for having me on. >> jim o'neill. as far as european stocks are concerned, after good
Search Results 0 to 4 of about 5